Zhitong financial app news, time rich financial services group (00510) time rich investment (01049) jointly announced that on July 24, 2023, time rich financial plans to place up to 50 million placing shares at HK $0.42 per share through a placing agent, accounting for about 11.6% of the enlarged share capital. The placing price is about 6.3% higher than the closing price of HK $0.395 on July 24, 2023.
Assuming that all 50 million placing shares are successfully allotted, the net amount raised is about HK $20.9 million, which is intended to be used as general working capital.
As at the date of this joint announcement, time Investment is the controlling shareholder of time Financial, holding approximately 278 million shares of time Financial through CIGL (an indirect wholly-owned subsidiary of time Investment), accounting for approximately 72.93% of the total issued share capital of time Financial. Assuming a successful allotment of all 50 million placing shares, Shi Fu's stake in time Financial will be diluted from about 72.93 per cent to about 64.47 per cent, equivalent to a reduction of about 8.46 per cent in its stake in time Financial.